Economic theory and the hypothesis of rationality…
Arrow's interests are wide-ranging; he has workedon issues pertaining to medicine, statistics, rational choice,the economics of uncertainty, learning, information, technology,trade and many other topics.
Arrow's impossibility theorem - Wikipedia
To celebrate the fifth year of the Sun Hung Kai Properties Nobel Laureates Distinguished Lectures, Sun Hung Kai Properties (SHKP) and The Chinese University of Hong Kong (CUHK) announced earlier that three Nobel Laureates in Economic Sciences have been invited to deliver three lectures to address the current state of the global economy. Unveiling the new economic lecture series, the first lecture was delivered today (3 November) by Professor Kenneth J. Arrow, 1972 Nobel Laureate in Economic Sciences, who spoke on “Economic Analysis and Social Obligation” to an audience of around 500 CUHK staff, students, alumni and members of the economic and political sectors, as well as the general public.
it is only a short step from these examples to the economic hypothesis that under a wide range of circumstances individual firms behave as if they were seeking rationally to maximize their expected returns, and had full knowledge of the data needed to succeed in this attempt; as if, that is, they knew the relevant cost and demand functions, calculated marginal cost and marginal revenue from all actions open to them, and pushed each line of action to the point at which the relevant marginal cost and marginal revenue were equal.
"Some developments in economic theory since 1940: ..
Kenneth Arrow (1921-2017) was a Nobel Prize-winning economist and a professor of economics at Stanford University and Harvard University. This collection consists of his correspondence, research, writings, and other materials documenting his political and personal interests, as well as his collaborations and professional affiliations across the fields of economics, mathematics, public policy, and international relations.